Exhibit 99.1
Paramount Announces Fourth Quarter 2016 Results
– Initiates Guidance for Full Year 2017 –
NEW YORK—February 22, 2017 – Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) filed its Annual Report on Form10-K for the year ended December 31, 2016 today and reported results for the quarter ended December 31, 2016.
Fourth Quarter Highlights:
| | • | | Net loss attributable to common stockholders was $6.5 million, or $0.03 per diluted share, for the quarter ended December 31, 2016, compared to net income attributable to common stockholders of $8.9 million, or $0.04 per diluted share, for the quarter ended December 31, 2015. |
| | • | | Core Funds from Operations (“Core FFO”) attributable to common stockholders was $40.6 million, or $0.18 per diluted share, for the quarter ended December 31, 2016, compared to $45.2 million, or $0.21 per diluted share, for the quarter ended December 31, 2015. |
| | • | | Leased 241,551 square feet at a weighted average initial rent of $81.90 per square foot, of which 210,090 square feet represents second generation space for which the Company achieved positivemark-to-markets of 1.5% on a GAAP basis and 2.0% on a cash basis. |
| | • | | On October 6, 2016, the Company completed an $850 million financing of 1301 Avenue of the Americas, a 1.8 million square foot Class A trophy office building in Midtown Manhattan. The five-year interest-only loan matures in October 2021, has twoone-year extension options and has an initial weighted average interest rate of 2.77%, based on a $500 million tranche at a fixed rate of 3.05% and a $350 million tranche at a floating rate of LIBOR plus 180 basis points (2.36% at closing). The Company retained net proceeds of approximately $330 million after closing costs and the repayment of existing debt at 900 Third Avenue and Waterview, including swap breakage and defeasance costs, which were used to fund a portion of the acquisition of One Front Street. |
| | • | | On December 1, 2016, the Company completed the acquisition of One Front Street, a 644,000 square foot Class A office building in San Francisco, California, for $521 million, or approximately $800 per square foot. |
| | • | | On December 15, 2016, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.095 per share for the quarter ended December 31, 2016, which was paid on January 13, 2017. |
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Transactions Subsequent to Fourth Quarter:
| | • | | On January 12, 2017, the Company entered into an agreement to sell Waterview, a 637,000 square foot, Class A office building in Rosslyn, Virginia, for $460 million. The sale will result in a financial statement gain of approximately $110 million and a tax gain of approximately $393 million, which will be deferred as part of a like-kind exchange for the acquisition of One Front Street. The transaction, which is subject to customary closing conditions, is expected to close in the second quarter of 2017. |
| | • | | On January 19, 2017, the Company completed a $975 million refinancing of One Market Plaza, a 1.6 million square foot Class A office and retail property in San Francisco, California. The new seven-year interest-only loan matures in January 2024 and has a fixed rate of 4.03%. The net proceeds from the refinancing were used to repay the existing $873 million loan that had an interest rate of 6.12% and was scheduled to mature in December 2019. The Company retained approximately $23 million for its 49% share of net proceeds, after the repayment of the existing loan, closing costs and required reserves. |
| | • | | On January 24, 2017, a joint venture in which the Company has a 5% ownership interest acquired 60 Wall Street, a 1.6 million square foot Class A office tower in the Financial District of Downtown Manhattan, for $1.04 billion, or approximately $640 per square foot. In connection with the acquisition, the joint venture completed a $575 million financing of the property. |
2
Financial Results
Quarter Ended December 31, 2016
Net loss attributable to common stockholders was $6.5 million, or $0.03 per diluted share, for the quarter ended December 31, 2016, compared to net income of $8.9 million, or $0.04 per diluted share, for the quarter ended December 31, 2015.
Funds from Operations (“FFO”) attributable to common stockholders was $41.0 million, or $0.18 per diluted share, for the quarter ended December 31, 2016, compared to $61.6 million, or $0.29 per diluted share, for the quarter ended December 31, 2015. FFO attributable to common stockholders for the quarters ended December 31, 2016 and 2015 includes the impact ofnon-core items, which are listed in the table on page 10. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common stockholders for the quarters ended December 31, 2016 and 2015 by $0.4 million and $16.4 million, or $0.00 and $0.08 per diluted share, respectively.
Core FFO attributable to common stockholders, which excludes the impact of thenon-core items listed on page 10, was $40.6 million, or $0.18 per diluted share, for the quarter ended December 31, 2016, compared to $45.2 million, or $0.21 per diluted share, for the quarter ended December 31, 2015.
Year Ended December 31, 2016
Net loss attributable to common stockholders was $9.9 million, or $0.05 per diluted share, for the year ended December 31, 2016, compared to $4.4 million, or $0.02 per diluted share, for the year ended December 31, 2015.
FFO attributable to common stockholders was $195.1 million, or $0.89 per diluted share, for the year ended December 31, 2016, compared to $209.3 million, or $0.99 per diluted share, for the year ended December 31, 2015. FFO attributable to common stockholders for the years ended December 31, 2016 and 2015 includes the impact ofnon-core items, which are listed in the table on page 10. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common stockholders for the year ended December 31, 2016 and 2015 by $12.0 million and $36.5 million, or $0.05 and $0.18 per diluted share, respectively.
Core FFO attributable to common stockholders, which excludes the impact of thenon-core items listed on page 10, was $183.1 million, or $0.84 per diluted share, for the year ended December 31, 2016, compared to $172.8 million, or $0.81 per diluted share, for the year ended December 31, 2015.
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Portfolio Operations
Quarter Ended December 31, 2016
During the quarter ended December 31, 2016, the Company leased 241,551 square feet at a weighted average initial rent of $81.90 per square foot. The current quarter’s leasing activity, offset by lease expirations during the quarter, increased leased occupancy by 140 basis points to 92.7% at December 31, 2016 from 91.3% at September 30, 2016. Of the 241,551 square feet leased in the fourth quarter, 210,090 square feet represents second generation space (space that has been vacant for less than twelve months) for which the Company achieved positivemark-to-markets of 1.5% on a GAAP basis and 2.0% on a cash basis. The weighted average lease term for leases signed during the fourth quarter was 8.5 years and weighted average tenant improvements and leasing commissions on these leases were $9.96 per square foot per annum, or 12.2% of initial rent.
Year Ended December 31, 2016
During the year ended December 31, 2016, the Company leased 734,238 square feet at a weighted average initial rent of $74.12 per square foot. The current year’s leasing activity, offset by lease expirations during the year, decreased leased occupancy by 210 basis points to 92.7% at December 31, 2016 from 94.8% at December 31, 2015. Of the 734,238 square feet leased in the year, 485,809 square feet represents second generation space (space that has been vacant for less than twelve months) for which the Company achieved positivemark-to-markets of 10.3% on a GAAP basis and 3.6% on a cash basis. The weighted average lease term for leases signed during the year was 8.0 years and weighted average tenant improvements and leasing commissions on these leases were $7.93 per square foot per annum, or 10.7% of initial rent.
The year ended December 31, 2016mark-to-market includes the effect of two above-market leases aggregating 89,135 square feet that were terminated and subsequently released at market rates. Excluding the impact of these leases, GAAP basis and cash basismark-to-markets were positive 10.4% and 10.3%, respectively.
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Guidance
The Company is providing Estimated Core FFO Guidance for the full year of 2017, which is reconciled below to estimated net income per diluted share in accordance with GAAP. The Company estimates net income to be between $0.33 and $0.37 per diluted share. The estimated net income per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission. The Company estimates 2017 Core FFO to be between $0.83 and $0.87 per diluted share. The estimated Core FFO of $0.85 per diluted share at the midpoint of the Company’s Guidance for 2017, when compared to Core FFO of $0.84 per diluted share for 2016, assumes, among other items, increases and decreases in the Company’s share of the following components: (i) an increase in Same Store Cash NOI of 6.0% to 9.0%, resulting in an incremental $0.08 per diluted share, (ii) an increase in Cash NOI of $0.08 per diluted share from the acquisition of One Front Street and 60 Wall Street, (iii) an increase in fee income, net of income taxes, of $0.01 per diluted share and (iv) a decrease in interest expense of $0.02 per diluted share, which includes the impact of repaying the mortgage debt at 1899 Pennsylvania Avenue and Liberty Place using the Waterview sales proceeds, partially offset by (v) a decrease in Cash NOI of $0.07 per diluted share from the disposition of Waterview, (vi) a decrease in lease termination income of $0.06 per diluted share, (vii) a decrease innon-cash straight-line rent and amortization of above and below-market lease revenue of $0.03 per diluted share, and (viii) an increase innon-cash general and administrative expenses of $0.02 per diluted share, resulting from the amortization of a new layer of equity grants.
| | | | | | | | |
For the Year Ending December 31, 2017: | | Low | | | High | |
Estimated net income attributable to common stockholders per diluted share | | $ | 0.33 | | | $ | 0.37 | |
Pro rata share of real estate depreciation and amortization, including the Company’s share of unconsolidated joint ventures | | | 0.92 | | | | 0.92 | |
Net gain on sale of real estate | | | (0.42 | ) | | | (0.42 | ) |
| | | | | | | | |
Estimated Core FFO per diluted share | | $ | 0.83 | | | $ | 0.87 | |
| | | | | | | | |
Except as described above, these estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and otherwise to be referenced during the conference call referred to below. Except for the acquisition of 60 Wall Street and the disposition of Waterview, these estimates do not include the impact on operating results from possible future property acquisitions or dispositions, capital markets activity or unrealized gains or losses on real estate fund investments. The estimates set forth above may be subject to fluctuations as a result of several factors, including the straight-lining of rental income and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
FFO is a supplemental measure of our performance. We present FFO in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gain from sales of depreciated real estate assets, impairment losses on depreciable real estate and depreciation and amortization expense from real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. In addition, we present Core FFO as an alternative measure of our operating performance, which adjusts FFO for certain other items, including acquisition and transaction related costs, severance costs and unrealized gains or losses on interest rate swaps, which we believe enhances the comparability of our FFO across periods.
FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other real estate companies. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows.
A reconciliation of eachnon-GAAP financial measure to the most directly comparable GAAP financial measure can be found in this press release and in our Supplemental Information for the quarter ended December 31, 2016, which is available on our website.
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Investor Conference Call and Webcast
The Company will host a conference call and audio webcast on Thursday, February 23, 2017 at 10:00 a.m. Eastern Time (ET) to discuss the fourth quarter 2016 results. The conference call can be accessed by dialing877-407-0789 (domestic) or201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on February 23, 2017 through March 2, 2017 and can be accessed by dialing844-512-2921 (domestic) or412-317-6671 (international) and entering the passcode 13652753. A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.paramount-group.com. A replay of the webcast will be archived on the Company’s website.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, D.C. and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
Contact Information:
| | |
Wilbur Paes Executive Vice President, Chief Financial Officer 212-237-3122 ir@paramount-group.com | | Christopher Brandt Vice President, Investor Relations 212-237-3134 ir@paramount-group.com |
Media:
212-492-2285
pr@paramount-group.com
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Paramount Group, Inc.
Consolidated Balance Sheets
(Unaudited and in thousands)
| | | | | | | | |
| | | December 31, 2016 | | | December 31, 2015 | |
ASSETS: | | | | | | | | |
Rental property, at cost | | | | | | | | |
Land | | $ | 2,091,535 | | | $ | 2,042,071 | |
Buildings and improvements | | | 5,757,558 | | | | 5,610,046 | |
| | | | | | | | |
| | | 7,849,093 | | | | 7,652,117 | |
Accumulated depreciation and amortization | | | (318,161 | ) | | | (243,089 | ) |
| | | | | | | | |
Rental property, net | | | 7,530,932 | | | | 7,409,028 | |
Cash and cash equivalents | | | 162,965 | | | | 143,884 | |
Restricted cash | | | 29,374 | | | | 41,823 | |
Real estate fund investments | | | — | | | | 416,438 | |
Investments in unconsolidated real estate funds | | | 28,173 | | | | — | |
Investments in unconsolidated joint ventures | | | 6,411 | | | | 7,102 | |
Preferred equity investments | | | 55,051 | | | | 53,941 | |
Marketable securities | | | 22,393 | | | | 21,521 | |
Deferred rent receivable | | | 163,695 | | | | 77,792 | |
Accounts and other receivables, net | | | 15,251 | | | | 10,844 | |
Deferred charges, net | | | 71,184 | | | | 74,991 | |
Intangible assets, net | | | 412,225 | | | | 511,207 | |
Assets held for sale | | | 346,685 | | | | — | |
Other assets | | | 22,829 | | | | 6,658 | |
| | | | | | | | |
Total assets | | $ | 8,867,168 | | | $ | 8,775,229 | |
| | | | | | | | |
LIABILITIES: | | | | | | | | |
Notes and mortgages payable, net | | $ | 3,364,898 | | | $ | 2,922,610 | |
Revolving credit facility | | | 230,000 | | | | 20,000 | |
Due to affiliates | | | 27,299 | | | | 27,299 | |
Loans payable to noncontrolling interests | | | — | | | | 45,662 | |
Accounts payable and accrued expenses | | | 103,896 | | | | 102,730 | |
Dividends and distributions payable | | | 25,151 | | | | 25,067 | |
Deferred income taxes | | | 1,467 | | | | 2,533 | |
Interest rate swap liabilities | | | 22,446 | | | | 93,936 | |
Intangible liabilities, net | | | 153,018 | | | | 179,741 | |
Other liabilities | | | 53,046 | | | | 45,101 | |
| | | | | | | | |
Total liabilities | | | 3,981,221 | | | | 3,464,679 | |
| | | | | | | | |
EQUITY: | | | | | | | | |
Paramount Group, Inc. equity | | | 3,990,005 | | | | 3,761,017 | |
Noncontrolling interests in: | | | | | | | | |
Consolidated real estate funds | | | 64,793 | | | | 414,637 | |
Consolidated joint ventures | | | 253,788 | | | | 236,849 | |
Operating Partnership | | | 577,361 | | | | 898,047 | |
| | | | | | | | |
Total equity | | | 4,885,947 | | | | 5,310,550 | |
| | | | | | | | |
Total liabilities and equity | | $ | 8,867,168 | | | $ | 8,775,229 | |
| | | | | | | | |
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Paramount Group, Inc.
Consolidated Statements of Income
(Unaudited and in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | | For the Year Ended | |
| | | December 31, | | | December 31, | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
REVENUES: | | | | | | | | | | | | | | | | |
Property rentals | | $ | 127,041 | | | $ | 124,559 | | | $ | 498,057 | | | $ | 507,091 | |
Straight-line rent adjustments | | | 14,725 | | | | 19,663 | | | | 82,568 | | | | 69,522 | |
Amortization of above and below-market leases, net | | | 2,943 | | | | 6,678 | | | | 9,536 | | | | 9,917 | |
| | | | | | | | | | | | | | | | |
Rental income | | | 144,709 | | | | 150,900 | | | | 590,161 | | | | 586,530 | |
Tenant reimbursement income | | | 11,842 | | | | 10,929 | | | | 44,943 | | | | 50,885 | |
Fee and other income | | | 10,251 | | | | 8,699 | | | | 48,237 | | | | 24,993 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 166,802 | | | | 170,528 | | | | 683,341 | | | | 662,408 | |
EXPENSES: | | | | | | | | | | | | | | | | |
Operating | | | 63,076 | | | | 61,735 | | | | 250,040 | | | | 244,754 | |
Depreciation and amortization | | | 60,975 | | | | 70,966 | | | | 269,450 | | | | 294,624 | |
General and administrative | | | 14,175 | | | | 13,644 | | | | 53,510 | | | | 42,056 | |
Transaction related costs | | | 679 | | | | 523 | | | | 2,404 | | | | 10,355 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 138,905 | | | | 146,868 | | | | 575,404 | | | | 591,789 | |
| | | | | | | | | | | | | | | | |
Operating income | | | 27,897 | | | | 23,660 | | | | 107,937 | | | | 70,619 | |
Income from real estate fund investments | | | — | | | | 7,749 | | | | — | | | | 37,975 | |
Income (loss) from unconsolidated real estate funds | | | 2,042 | | | | — | | | | (498 | ) | | | — | |
Income from unconsolidated joint ventures | | | 2,122 | | | | 2,406 | | | | 7,413 | | | | 6,850 | |
Interest and other income, net | | | 1,905 | | | | 1,268 | | | | 6,934 | | | | 871 | |
Interest and debt expense | | | (44,340 | ) | | | (41,421 | ) | | | (157,746 | ) | | | (168,366 | ) |
Unrealized gain on interest rate swaps | | | 10,153 | | | | 26,263 | | | | 39,814 | | | | 75,760 | |
| | | | | | | | | | | | | | | | |
Net (loss) income before income taxes | | | (221 | ) | | | 19,925 | | | | 3,854 | | | | 23,709 | |
Income tax (expense) benefit | | | (2,602 | ) | | | 140 | | | | (1,785 | ) | | | (2,566 | ) |
| | | | | | | | | | | | | | | | |
Net (loss) income | | | (2,823 | ) | | | 20,065 | | | | 2,069 | | | | 21,143 | |
Less net (income) loss attributable to noncontrolling interests in: | | | | | | | | | | | | | | | | |
Consolidated real estate funds | | | 497 | | | | (4,496 | ) | | | 1,316 | | | | (21,173 | ) |
Consolidated joint ventures | | | (5,361 | ) | | | (4,495 | ) | | | (15,423 | ) | | | (5,459 | ) |
Operating Partnership | | | 1,198 | | | | (2,169 | ) | | | 2,104 | | | | 1,070 | |
| | | | | | | | | | | | | | | | |
Net (loss) income attributable to common stockholders | | $ | (6,489 | ) | | $ | 8,905 | | | $ | (9,934 | ) | | $ | (4,419 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Per share: | | | | | | | | | | | | | | | | |
Basic | | $ | (0.03 | ) | | $ | 0.04 | | | $ | (0.05 | ) | | $ | (0.02 | ) |
| | | | | | | | | | | | | | | | |
Diluted | | $ | (0.03 | ) | | $ | 0.04 | | | $ | (0.05 | ) | | $ | (0.02 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Weighted average common shares outstanding: | | | | | | | | | | | | | | | | |
Basic | | | 223,221,284 | | | | 212,106,718 | | | | 218,053,062 | | | | 212,106,718 | |
| | | | | | | | | | | | | | | | |
Diluted | | | 223,221,284 | | | | 212,111,790 | | | | 218,053,062 | | | | 212,106,718 | |
| | | | | | | | | | | | | | | | |
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Paramount Group, Inc.
Reconciliation of Net (Loss) Income to FFO and Core FFO
(Unaudited and in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | |
| | | For the Three Months Ended | | | For The Year Ended | |
| | | December 31, | | | December 31, | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
Reconciliation of Net (Loss) Income to FFO and Core FFO: | | | | | | | | | | | | | | | | |
Net (loss) income | | $ | (2,823 | ) | | $ | 20,065 | | | $ | 2,069 | | | $ | 21,143 | |
Real estate depreciation and amortization (including our share of unconsolidated joint ventures) | | | 62,451 | | | | 72,469 | | | | 275,653 | | | | 300,645 | |
| | | | | | | | | | | | | | | | |
FFO | | | 59,628 | | | | 92,534 | | | | 277,722 | | | | 321,788 | |
Less FFO attributable to noncontrolling interests in: | | | | | | | | | | | | | | | | |
Consolidated real estate funds | | | 272 | | | | (4,726 | ) | | | 419 | | | | (22,096 | ) |
Consolidated joint ventures | | | (11,294 | ) | | | (11,256 | ) | | | (41,320 | ) | | | (39,383 | ) |
| | | | | | | | | | | | | | | | |
FFO attributable to Paramount Group Operating Partnership | | | 48,606 | | | | 76,552 | | | | 236,821 | | | | 260,309 | |
Less FFO attributable to noncontrolling interests in Operating Partnership | | | (7,572 | ) | | | (14,993 | ) | | | (41,681 | ) | | | (50,960 | ) |
| | | | | | | | | | | | | | | | |
FFO attributable to common stockholders | | $ | 41,034 | | | $ | 61,559 | | | $ | 195,140 | | | $ | 209,349 | |
| | | | | | | | | | | | | | | | |
Per diluted share | | $ | 0.18 | | | $ | 0.29 | | | $ | 0.89 | | | $ | 0.99 | |
| | | | | | | | | | | | | | | | |
| | | | |
FFO | | $ | 59,628 | | | $ | 92,534 | | | $ | 277,722 | | | $ | 321,788 | |
Non-core items: | | | | | | | | | | | | | | | | |
Unrealized gain on interest rate swaps (including our share of unconsolidated joint ventures) | | | (10,930 | ) | | | (27,328 | ) | | | (41,869 | ) | | | (77,872 | ) |
Defeasance and debt breakage costs | | | 4,608 | | | | — | | | | 4,608 | | | | — | |
Transaction related costs | | | 679 | | | | 523 | | | | 2,404 | | | | 4,483 | |
Severance costs | | | — | | | | — | | | | 2,874 | | | | 3,315 | |
Transfer taxes due in connection with the sale of shares by a former joint venture partner | | | — | | | | — | | | | — | | | | 5,872 | |
Predecessor income taxtrue-up | | | — | | | | — | | | | — | | | | 721 | |
| | | | | | | | | | | | | | | | |
Core FFO | | | 53,985 | | | | 65,729 | | | | 245,739 | | | | 258,307 | |
Less Core FFO attributable to noncontrolling interests in: | | | | | | | | | | | | | | | | |
Consolidated real estate funds | | | 272 | | | | (4,726 | ) | | | 419 | | | | (22,096 | ) |
Consolidated joint ventures | | | (6,114 | ) | | | (4,809 | ) | | | (23,890 | ) | | | (21,355 | ) |
| | | | | | | | | | | | | | | | |
Core FFO attributable to Paramount Group Operating Partnership | | | 48,143 | | | | 56,194 | | | | 222,268 | | | | 214,856 | |
Less Core FFO attributable to noncontrolling interests in Operating Partnership | | | (7,500 | ) | | | (11,006 | ) | | | (39,152 | ) | | | (42,060 | ) |
| | | | | | | | | | | | | | | | |
Core FFO attributable to common stockholders | | $ | 40,643 | | | $ | 45,188 | | | $ | 183,116 | | | $ | 172,796 | |
| | | | | | | | | | | | | | | | |
Per diluted share | | $ | 0.18 | | | $ | 0.21 | | | $ | 0.84 | | | $ | 0.81 | |
| | | | | | | | | | | | | | | | |
| | | | |
Reconciliation of weighted average shares outstanding: | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 223,221,284 | | | | 212,106,718 | | | | 218,053,062 | | | | 212,106,718 | |
Effect of dilutive securities | | | 23,141 | | | | 5,072 | | | | 15,869 | | | | 4,572 | |
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Denominator for FFO and Core FFO per diluted share | | | 223,244,425 | | | | 212,111,790 | | | | 218,068,931 | | | | 212,111,290 | |
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10
